The G&W portfolio fell 0.51% in May, while the benchmark gained 1.71%.
*Returns are pre-tax, include franking credits, and assume dividends are reinvested. The SPAX2F0 is simply the total return of the S&P ASX200 Accumulation Index adjusted to include any franking credits received. N.B. I do not account for cash in the portfolio. The net result is that my returns are somewhat overstated (though I am nearly always close to fully invested).
In May, I purchased one new stock for the portfolio, Nippecraft. Nippecraft is a paper products company listed in Singapore. It is the owner of the Collins and Debden brands, which you might be familiar with if you've recently purchased a diary. Nippecraft has been troubled in recent years, recording a number of years of losses and delisting from the main board of the Singapore stock exchange. (It is now listed on Singapore's second-tier Catalist board with the ticker N32.) Despite its woeful performance, Nippecraft has net current assets and leasehold properties well in excess of its market cap. While it is currently unclear whether the value of these assets will be realised in the near future, Nippecraft is a welcome addition to my basket of net-nets.
During the month, another one of my net-nets -- Vical Inc (VICL:NASDAQ) -- announced it would seek a reverse merger with Brickell, a early-stage biotech company. While the stock initially shot up on the news, it was subsequently sold down to level below the announcement. Vical shareholders are yet to vote on the proposal, so I am continuing to hold my shares.
August 3, 2017
|
May 31, 2019
|
Since July 1, 2018
|
Since Inception
|
Annualised
| |
G&W Portfolio*
|
1.0000
|
1.3346
|
25.41%
|
33.46%
|
17.14%
|
Benchmark (SPAX2F0)
|
61,250.80
|
75,296.36
|
9.04%
|
22.93%
|
11.98%
|
*Returns are pre-tax, include franking credits, and assume dividends are reinvested. The SPAX2F0 is simply the total return of the S&P ASX200 Accumulation Index adjusted to include any franking credits received. N.B. I do not account for cash in the portfolio. The net result is that my returns are somewhat overstated (though I am nearly always close to fully invested).
In May, I purchased one new stock for the portfolio, Nippecraft. Nippecraft is a paper products company listed in Singapore. It is the owner of the Collins and Debden brands, which you might be familiar with if you've recently purchased a diary. Nippecraft has been troubled in recent years, recording a number of years of losses and delisting from the main board of the Singapore stock exchange. (It is now listed on Singapore's second-tier Catalist board with the ticker N32.) Despite its woeful performance, Nippecraft has net current assets and leasehold properties well in excess of its market cap. While it is currently unclear whether the value of these assets will be realised in the near future, Nippecraft is a welcome addition to my basket of net-nets.
During the month, another one of my net-nets -- Vical Inc (VICL:NASDAQ) -- announced it would seek a reverse merger with Brickell, a early-stage biotech company. While the stock initially shot up on the news, it was subsequently sold down to level below the announcement. Vical shareholders are yet to vote on the proposal, so I am continuing to hold my shares.
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